10 things you need to know before the opening bell

Trump goes to China. President Donald Trump kicked off his three-day visit to China by touring the Forbidden City, CNN says.

A Senate tax bill is in the works. The bill, which is expected to be announced Thursday, will be revenue neutral and not cause a large projected increase in the federal deficit, Senate Majority Leader Mitch McConnell told reporters on Tuesday.

Snap flops with disastrous Q3 earnings. Snap's daily active users climbed 3% to 178 million and its revenue surged 62% to $207.9 million, but both numbers were well below estimates, sending shares down by about 17% after Tuesday's closing bell.

Tencent buys a stake in Snap. Tencent, a giant Chinese holding company, is reportedly taking a 10% stake in the social-media company, according to CNBC.

Bill Ackman says he lost the ADP proxy vote but still won. "So I got 31% support from shareholders out of the votes cast for my seat on the board, not including another 14% that were withheld from the guy I ran against," Ackman told Business Insider's Rachael Levy. "Because ISS, the proxy advisory firm, said, 'Support Bill by withholding votes from Eric Fast.' So looked at correctly, I got 45% support from shareholders for my candidacy in the board. It's not a win, but it's a major minority, or just shy of majority vote, for the board."